Hawke's Bay investment company approved

Hawke's Bay Regional councillors have approved in principle the establishment of an investment company.
The company would oversee the council's profitable companies and projects such as water storage, which would make money in the future.
Figures given to councillors showed its return on investments had been about half that of other councils with an investment company.
There would also be tax benefits in writing off the costs of some projects against the returns of others.
Details including the make up of the board of directors would be decided at a later date. Many councillors said they were against the idea when it was first proposed but changed their minds after expert advice and submissions.
Havelock North councillor Liz Remmerswaal voted against the company, saying it was an unnecessary risk for ratepayer-owned assets.